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US oil CEO warns industry can't pump more natural gas 'on a dime'
US oil producers can’t pump more ‘on a dime’: Canary CEO
Canary Oilfield Services CEO Dan Eberhardt urged the Biden administration to ‘move quicker’ to approve federal drilling permits.
While one U.S. oil producer feels confident in its ability to pump more domestic oil, the CEO cautioned production won’t speed up anytime soon on "Varney & Co." Friday, despite President Biden’s recent natural gas deal with Europe.
"I think you're going to see U.S. production rise," Canary CEO Dan Eberhart told FOX Business’ Stuart Varney, "but it also takes time."
"We can't turn on a dime to add this production given the recent price increase, it's going to take some time," he continued. "There's a lag."
Biden announced Thursday the U.S. reached a deal to export more liquefied natural gas (LNG) to the European Union, curbing their reliance on Russian fossil fuels. Pressure and urgency to get more supply on the global market has mounted amid record-high prices.
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But Eberhart says it’s more challenging than ever to do business.